Nike said today it is divesting two brands in its “other” business group and despite industry rumors, Hurley is not one of them.
The company will sell high-end footwear maker Cole Haan, which is acquired in 1998 and soccer brand Umbro, which it bought in 2008.
Nike said in a release it wants to focus on its highest potential opportunities – Nike, Jordan, Converse and Hurley.
Nike CEO Mark Parker said that the company sees “significant potential” in Jordan, Converse and Hurley, which have “unique relationships that complement the Nike brand,” he said.
The company is just launching the sale process and believes it will complete the divestiture of the two brands by May 31, 2013.
Two former industry executives are likely working on this news. Former Hurley CEO Roger Wyett is now President of Nike Affiliates and oversees Nike’s “other” brands.
Hoby Darling, formerly of Volcom, joined Nike in 2011 to lead strategy and planning for Nike Affiliates.
